Aegis approves buyout by Dentsu

Kyodo

Dentsu Inc. said Friday its proposed buyout scheme for major British advertising agency Aegis Group was approved during a special meeting of Aegis shareholders.

Dentsu, which agreed to acquire the agency in mid-July, said it aims to acquire all shares of Aegis and turn it into a wholly owned subsidiary by the end of the year once it gains approval from regulatory authorities in the countries where they operate.

Aegis has business bases in 80 countries, while Dentsu is active in 29.